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11 Oct 2012 07:00
11 October 2012
Polar Capital Holdings plc
AUM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ("AUM").
Group AUM (unaudited)
As at 30 September 2012 the Group's AUM increased by 4.3% to $5.30bn from the $5.08bn reported at 31 March 2012. This also represents a 34.5% increase in AUM from the $3.94bn reported at 30 September 2011.
The table below sets out the movements in the Group's AUM over the six month period:
AUM movement Six months to 30 September 2012 | Long only funds $m | Hedge funds $m | Total $m |
As at 31 March 2012 | $4,365m | $718m | $5,083m |
Net subscriptions | $371m | $34m | $405m |
Market movement and performance | $(193)m | $7m | $(186)m |
Total AUM at 30 September 2012 | $4,543m | $759m | $5,302m |
Comment
Polar Capital has received $405m of net inflows in its first half year, $31m of which in the last quarter. It is encouraging that, although there were market driven outflows from some of the Group's larger long only strategies, these were more than covered by inflows into a number of the Group's nascent long only strategies. In addition, positive net inflows into the Group's hedge fund products, which started in the previous quarter, continued to gain momentum in this quarter. Importantly, these flow patterns further enhance the continued diversification of the Group's offerings as well as reducing the firm's legacy concentration risk.
We consider that as the performance of the Group's products remains good, the Group is well positioned to continue to grow its assets under management over the approaching quarters, assuming that market conditions do not deteriorate further.
Net performance fees (unaudited)
The table below sets out the position relating to net performance fees (after the deduction of staff interests) earned and accrued in the first six months of the Group's financial year. The majority of the Group's performance fees crystallise in the second half of the financial year.
Performance fees net of staff allocations | Six months to 30 Sept 11 £m | Year to 31 Mar 12 (year-end) £m | Six months to 30 Sept 12 £m |
Received | £1.5m | £4.1m | £0.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £1.6m | n/a | £4.2m |
Total net performance fees | £3.1m | £4.1m | £4.2m |
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (CFO) Canaccord Genuity - Nomad and Broker Simon Bridges Cameron Duncan F T I Consulting Ed Gascoigne-Pees Jack Hickey
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